ICO 回来了：为什么初创公司要复兴这种有争议的筹款工具

2017-2018 年，ICO 是加密货币世界的突破。但繁荣之后却因监管限制而陷入低迷

ICOs (Initial Coin Offerings) were a defining moment in the cryptocurrency landscape of 2017-2018. During those years, investors practically competed to be the first in line to join new projects. However, this boom was followed by a downturn due to regulatory crackdowns, widespread fraud, and numerous project failures.

ICO（首次代币发行）是 2017-2018 年加密货币领域的决定性时刻。在那些年里，投资者几乎都在竞相成为第一个加入新项目的人。然而，由于监管打压、普遍存在的欺诈行为和众多项目失败，这种繁荣之后又出现了低迷。

Surprisingly, towards the end of 2024, ICOs are once again becoming a topic of conversation. While this presents an opportunity to potentially return to the days of making huge profits, ICOs also raise concerns regarding transparency and risks. So, what exactly is driving startups to reconsider this controversial fundraising method?

令人惊讶的是，到 2024 年底，ICO 再次成为人们谈论的话题。虽然这提供了一个可能回到赚取巨额利润的时代的机会，但 ICO 也引发了人们对透明度和风险的担忧。那么，到底是什么促使初创公司重新考虑这种有争议的融资方式呢？

ICOs provide a way for projects to quickly raise funds from a large pool of investors. This can be especially useful for startups or new ventures that may not have access to traditional financing options. Moreover, ICOs offer a level of decentralization, as they are not controlled by any central authority or financial institution.

ICO 为项目提供了一种从大量投资者那里快速筹集资金的方式。这对于可能无法获得传统融资选择的初创企业或新企业特别有用。此外，ICO 提供一定程度的去中心化，因为它们不受任何中央机构或金融机构的控制。

However, ICOs are also known for their high risks and lack of regulation. This can make them susceptible to fraud, scams, and project failures. As a result, investors are advised to thoroughly research and evaluate any ICO before investing.

然而，ICO 也因其高风险和缺乏监管而闻名。这可能使他们容易受到欺诈、诈骗和项目失败的影响。因此，建议投资者在投资前彻底研究和评估任何 ICO。

An ICO is a fundraising model that allows projects to issue their tokens and sell them to investors to raise funds and support further development.

ICO 是一种筹款模式，允许项目发行代币并将其出售给投资者以筹集资金并支持进一步发展。

Here's how it works: a startup creates a new token with certain functions or useful properties within the planned ecosystem. This coin can provide access to the platform, the right to vote on important decisions regarding the project, or represent a share of ownership.

它的工作原理如下：初创公司在计划的生态系统中创建具有某些功能或有用属性的新代币。该代币可以提供对平台的访问权、对有关项目的重要决策进行投票的权利，或代表所有权份额。

The success of an ICO is usually measured by the amount of money raised during the token sale, regardless of its final price. Some investors measure the success of an ICO by the return on investment (ROI) of the token purchased during the sale, considering the change in its price.

ICO 的成功通常是通过代币销售期间筹集的资金数额来衡量的，无论其最终价格如何。一些投资者通过销售期间购买的代币的投资回报率 (ROI) 来衡量 ICO 的成功，并考虑其价格的变化。

In 2017-208, ICOs were very popular, raising billions of dollars for crypto projects. This model promised decentralization, fair distribution for small investors, and the absence of intermediaries.

2017-208 年，ICO 非常受欢迎，为加密项目筹集了数十亿美元。这种模式承诺权力下放、小投资者的公平分配以及没有中介机构。

The most successful ICOs

最成功的 ICO

Some of the most successful ICOs include:

一些最成功的 ICO 包括：

Binance Coin (BNB)

币安币 (BNB)

Crypto.com Coin (CRO)

Crypto.com 硬币 (CRO)

FTX Token (FTT)

FTX代币（FTT）

Huobi Token (HT)

火币通证（HT）

OKB Token (OKB)

OKB代币（OKB）

These tokens went on to achieve high market valuations and played a significant role in their respective ecosystems. For instance, BNB, the native token of the Binance exchange, became one of the most valuable cryptocurrencies in the world.

这些代币随后获得了较高的市场估值，并在各自的生态系统中发挥了重要作用。例如，币安交易所的原生代币 BNB 成为世界上最有价值的加密货币之一。

ICOs became popular due to several key factors:

ICO 之所以流行有几个关键因素：

1. Fast fundraising: ICOs can quickly raise large sums of money compared to traditional methods. This makes them attractive for startups and new projects that need資金 to get off the ground quickly.

1. 快速筹款：与传统方式相比，ICO 可以快速筹集大量资金。这使得它们对需要资金快速启动的初创公司和新项目具有吸引力。

2. Direct access to investors: ICOs provide startups with direct access to a large pool of potential investors from around the world. This can be especially beneficial for projects targeting a global audience.

2. 直接接触投资者：ICO 为初创企业提供了直接接触来自世界各地的大量潜在投资者的机会。这对于面向全球受众的项目尤其有利。

3. Decentralization: ICOs are not controlled or regulated by any central authority or financial institution. This aligns with the decentralized nature of cryptocurrencies and Web3.

3. 去中心化：ICO 不受任何中央机构或金融机构的控制或监管。这与加密货币和 Web3 的去中心化性质相一致。

4. New possibilities: ICOs open up new possibilities for startups and investors alike. They can be used to create and distribute tokens with unique functions and use cases within various ecosystems.

4. 新的可能性：ICO 为初创企业和投资者开辟了新的可能性。它们可用于在各种生态系统中创建和分发具有独特功能和用例的代币。

However, ICOs also faced criticism and challenges, including:

然而，ICO 也面临着批评和挑战，包括：

1. High risks: ICOs are inherently risky investments, and there is no guarantee of success or return on investment. This is largely due to the lack of regulation and the potential for scams or fraudulent projects.

1.高风险：ICO本质上是一种风险投资，无法保证成功或投资回报。这主要是由于缺乏监管以及存在诈骗或欺诈项目的可能性。

2. Lack of regulation: ICOs are not subject to the same level of regulatory oversight as other financial instruments. This creates a Wild West-like environment that can be difficult to navigate for both investors and startups.

2. 缺乏监管：ICO 不受与其他金融工具同等程度的监管。这创造了一个类似狂野西部的环境，对于投资者和初创公司来说都很难驾驭。

3. Widespread fraud: Due to the lack of regulation and the anonymity afforded by cryptocurrencies, ICOs became a breeding ground for scams and fraudulent activities. Many projects raised millions of dollars and then disappeared without a trace.

3. 广泛的欺诈：由于缺乏监管和加密货币提供的匿名性，ICO 成为诈骗和欺诈活动的滋生地。许多项目筹集了数百万美元，然后就消失得无影无踪。

4. Numerous project failures: The vast majority of ICOs failed to deliver on their promises or achieve long-term success. This resulted in billions of dollars in investor losses and contributed to the crypto bear market of 2018-2019.

4. 项目失败众多：绝大多数ICO未能兑现承诺或取得长期成功。这导致投资者损失数十亿美元，并导致 2018-2019 年的加密货币熊市。

Following the ICO boom and bust cycle, interest in these fundraising initiatives waned significantly. However, towards the end of 2024, there are signs of a potential revival in ICOs.

在 ICO 繁荣和萧条周期之后，人们对这些筹款活动的兴趣显着减弱。然而，到 2024 年底，ICO 有可能复苏的迹象。

Several new platforms, such as BuidlPad and Legion (which aims to become one of the first MiCA-compliant crypto asset managers in the EU), are emerging to support ICOs. These platforms aim to introduce mechanisms for verifying and evaluating projects to increase investor confidence.

一些支持 ICO 的新平台正在兴起，例如 BuidlPad 和 Legion（旨在成为欧盟首批符合 MiCA 的加密资产管理公司之一）。这些平台旨在引入验证和评估项目的机制，以增强投资者的信心。

For example, BuidlPad, a launchpad platform, is designed to help users discover and participate in promising Web3 projects. It provides a tiered system for project evaluation and user access, with higher tiers

例如，BuidlPad，一个启动板平台，旨在帮助用户发现并参与有前途的Web3项目。它提供了一个用于项目评估和用户访问的分层系统，具有更高的级别